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Global Super Abrasives Market is estimated to witness a rise in revenue from US$ 6,694.5 Mn in 2021 to US$ 9,767.4 Mn by 2027. The market is registering growth at a CAGR of 6.5% over the forecast period 2022-2027. Super Abrasives are used for the most precision grinding. They are known for their extraordinary hardness, wheel life, and exceptional performance. Super Abrasive wheels use diamond and CBN technology to cut demanding materials such as carbide, high-speed steel, ceramics, and glass. Hardness, abrasion resistance, compressive strength, thermal conductivity are all features designed to achieve a high level of precision and quality, making them a preferable choice for a wide range of applications. Super abrasives are becoming more widely used in a variety of industries, including automotive, medical (dental equipment), aerospace, cutting, non-ferrous metals, stone, ceramic materials, and oil and gas exploration.
The growing impetus of the global super abrasives market is attributed to better substitutability of super abrasives over conventional abrasives, growing production of automobiles, and rising construction activities. However, high-performance applications and high initial costs along with rising environmental concerns are hindering market growth.
The study of the global super abrasives market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the super abrasives industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the global super abrasives market across 14 chapters and, 168 pages. The report includes data presentation across 54 tables and 38 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and intensity rivalry is high.
The subsequent section provides details of the market analysis based on different segments such as product, application, industry, and region. The report includes a detailed study of the value chain of the industry. It includes raw material providers, manufacturers, distributors, and end-users. The report also covers extensively the key competitors in the market for super abrasives.
Key Takeaways from the Global Super Abrasives Market Report
Impact of COVID-19
The COVID-19 pandemic and the associated lockdown have had an impact on mining activities, which affected the availability of raw materials, and as a result, have deteriorated the market growth. Stringent government regulations for raw material extraction and the closure of manufacturing units have further hindered the market growth. Furthermore, the automobile industry employs a wide range of abrasives at various stages of the manufacturing process and due to the pandemic, these industries' manufacturing units have been shut down, which has had a significant impact on the super abrasive market.
The following are the different segments of the Global Super Abrasives Market
By Product segment of the Global Super Abrasives Market are sub-segmented into:
By Application segment of the Global Super Abrasives Market are sub-segmented into:
By Industry segment of the Global Super Abrasives Market are sub-segmented into:
By Region segment of the Global Super Abrasives Market are sub-segmented into:
|Market Size Value in 2021||US$ 6,694.5 Mn|
|Expected Revenue in 2027||US$ 9,767.4 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product, Application, Industry, and Region|
|Key Companies||3M, Finzler, Schrock & Kimmel GmbH (FIS), Hyperion Materials & Technologies, Asahi Diamond Industrial, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Global Super Abrasives Market is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027.
Asia Pacific region is projected to hold the highest market share in the Global Super Abrasives Market.
Diamond segment dominates the Global Super Abrasives Market during the forecast period.
Tool grinding segment is estimated to project the highest CAGR.
Substitution of conventional abrasives by super abrasives and increasing use of diamond in grinding wheels for precision and machining tools driving the Global Super Abrasives Market.
South America is estimated to grow at the highest CAGR during the forecast period.
Electrical and Electronics segment holds the highest market share in terms of industry segment.
China is the highest shareholder in the Asia Pacific Super Abrasives Market.
Factors such as increasing demand for cutting and grinding tools is expected to boost the market growth.
The market has been classified into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and South America.
High-performance application, high initial cost and stringent regulations by government restrain the market growth.
3M, Action SuperAbrasive, Asahi Diamond Industrial Co. Ltd., Carborundum Universal Ltd., Diametal AG, Element Six (UK) Limited and Finzler among others.